How Bail Bond Payment Plans Work

Purchasing a bail bond can be an effective way to get yourself or a loved one out of jail. Although buying the bond is much cheaper than paying for the full bail amount, sometimes a defendant or their loved ones may have difficulties paying the bail bond premium.

However, this should not deter you from seeking help. A bail bonds company can set up a payment plan for you to ensure that you can pay the full premium based on your financial capabilities.

Read on to learn more about bail bond payment plans to secure a quick release from jail.

Down Payment

Generally, your bail bonds company will require you to pay 10 percent of the bail amount required by a state court.

In some instances, the defendant may be unable to gather the 10% to purchase the bail bond. In this case, you can negotiate with the bail bonds company so that you pay a down payment, which is a smaller percentage than the standard 10% and then you can pay the remaining amount later.

For example, if the court sets your bail schedule at $10,000, to purchase a bail bond, you would need to pay the bail bonds company $1000.

However, if you cannot come up with the $1000, you may negotiate to pay part of the $1,000 upfront as a down payment and then clear the remaining amount using an agreed-upon payment plan.

Installment Payments

A payment plan allows you to purchase a bail bond in installments if you cannot afford the bail bond in full. For example, if you cannot purchase a bail bond upfront for $1000, you could make a down payment of $500 and then pay the remaining amount in agreed-upon installments.

The larger the down payment you can come up with, the better your chances of securing a payment plan. Other factors that may determine your eligibility for a payment plan include your ability to make payments, your credit score, duration of residency, employment history, and arrest history.

Interest Rates

When working out a payment plan, find out if interest is applicable to the remaining balance. Because you are paying part of your bail bond in installments, your balance may be subject to interest rates as determined by your bail agent.

A bail bond payment plan works like a loan and the bail bond company will also consider the availability of collateral when determining your suitability for such a plan.

When negotiating the payment plan, determine the amount you can comfortably pay each month to avoid skipping payments, which may result in accrued interest rates and possible loss of your collateral.

Lastly, find out how much time you have to pay the remaining balance plus interest rates where applicable.

Co-Signer Credit

If you have someone with whom to co-sign the bail bond, your bail bond company will consider the cosigner's credit score to determine your eligibility for a payment plan.

In the same way that you need a good credit score to qualify for a payment plan, your co-signer also needs to demonstrate financial responsibility.

A well-negotiated payment plan can help you secure a quick release from jail when you cannot afford the bail bond premium all at once. However, you must commit to making your monthly payment as agreed with your bail bonds company.

At A-Action Bail Bonds we understand how distressful an arrest can be. We also understand that families may not always be able to afford bail. If you are in a fix and need a payment plan for your bail bond premium, get in touch with us today to discuss your options.